577 employees reported this benefit
Lockheed Martin provides a 401(k) Savings Plan.
This information about the 401K Plan benefit at Lockheed Martin is the result of research by Glassdoor editorial staff, and was not provided directly by a representative of Lockheed Martin. The description here may not reflect the current Lockheed Martin 401K Plan benefit.
Pretty good match compared to other companies
Depends on the ledger, I've seen as low as 4% or as high as 10%, and it also depends who you know, we had people hired into the same position some got the 4% and 2 weeks off, others got 10% and 3 weeks off.
Provided a good company match
Up to 4% match for 401K
Best Thought out and Implemented plan i have seen
Decent match of .5% up to an 8% employee contribution for a max annual of 12%. Voya program has fair investment options however employer contribution is all in company stock which has not been bad for the past few years but may not suit everyone's risk profile.
LM contributes directly without your contributions as well as matches your inputs for a total of up to 10% from the company alone.
401k vested from day one.
Overall a fairly solid plan. The 401(k) plan is managed by Voya and has a handful of very good fund options such as passively-managed, low-cost index funds. There are also a larger number of rather high-fee funds that should be avoided. The big disappointment is that the Target Date Retirement Funds are excessively expensive (0.7% expense ratios) and the fund managers have no intention of reducing those fees despite requests to do so.
Ok compared with other companies. Match is good at 4% if you contribute 8% or over. Choices of investment are ok through Voya with self managed option through Ameritrade.